Verified Identity Pass Inc. (VIP) announced on Sunday that it was ceasing its Clear service, which was designed to help air travelers get through airport security checks faster. The service had been available at 21 major airports, including New York's JFK and La Guardia, Boston's Logan and Atlanta's Hartsfield-Jackson airports

The company signed up more than 260,000 travelers since its 2005 inception and processed more than 2.5 million fliers through its Clear lanes.

In a brief note posted on its Web site, VIP said that it had been unable to "negotiate a settlement" with its main creditor and therefore had to shut down. In an update this morning, the company, which is one of seven approved by the Transportation Security Administration (TSA) to operate a registered traveler program, assured its 260,000 customers that their personal data was and is being protected in compliance with TSA's privacy and security standards.

The statement said VIP would "take appropriate steps" to delete the information collected for the Clear service. But it offered no details on what those steps were or when they would be taken.

The statement also added that because of the company's current financial situation, no refunds would be available to customers who had signed up for the $199 per year service.